The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EXXON MOBIL CORP COM 30231G102   48,262,500 450,000 SH   SOLE   450,000 0 0
APPLE INC COM 037833100   40,733,700 210,000 SH   SOLE   210,000 0 0
MICROSOFT CORP COM 594918104   30,529,411 89,650 SH   SOLE   89,650 0 0
AMERICAN ASSETS TR INC COM 024013104   28,326,451 1,475,336 SH   SOLE   1,475,336 0 0
CHEVRON CORP NEW COM 166764100   28,323,000 180,000 SH   SOLE   180,000 0 0
JPMORGAN CHASE & CO COM 46625H100   25,830,144 177,600 SH   SOLE   177,600 0 0
WELLS FARGO CO NEW COM 949746101   23,687,400 555,000 SH   SOLE   555,000 0 0
BANK AMERICA CORP COM 060505104   22,005,230 767,000 SH   SOLE   767,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   17,417,160 54,000 SH   SOLE   54,000 0 0
MERCK & CO INC COM 58933Y105   14,423,750 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105   13,940,850 59,500 SH   SOLE   59,500 0 0
SHELL PLC SPON ADS 780259305   13,343,980 221,000 SH   SOLE   221,000 0 0
PHILLIPS 66 COM 718546104   12,189,564 127,800 SH   SOLE   127,800 0 0
CATERPILLAR INC COM 149123101   11,072,250 45,000 SH   SOLE   45,000 0 0
CAPITAL ONE FINL CORP COM 14040H105   10,882,315 99,500 SH   SOLE   99,500 0 0
LENNAR CORP CL A 526057104   10,823,025 86,370 SH   SOLE   86,370 0 0
TRUIST FINL CORP COM 89832Q109   10,743,900 354,000 SH   SOLE   354,000 0 0
ROYAL BK CDA COM 780087102   9,885,285 103,500 SH   SOLE   103,500 0 0
KROGER CO COM 501044101   9,689,050 206,150 SH   SOLE   206,150 0 0
TORONTO DOMINION BK ONT COM NEW 891160509   9,611,550 155,000 SH   SOLE   155,000 0 0
NOVARTIS AG SPONSORED ADR 66987V109   9,446,185 93,610 SH   SOLE   93,610 0 0
COCA COLA CO COM 191216100   9,036,613 150,060 SH   SOLE   150,060 0 0
UNILEVER PLC SPON ADR NEW 904767704   8,862,100 170,000 SH   SOLE   170,000 0 0
FEDEX CORP COM 31428X106   8,676,500 35,000 SH   SOLE   35,000 0 0
BANK MONTREAL QUE COM 063671101   8,669,760 96,000 SH   SOLE   96,000 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   8,646,000 150,000 SH   SOLE   150,000 0 0
WALMART INC COM 931142103   8,487,720 54,000 SH   SOLE   54,000 0 0
JOHNSON & JOHNSON COM 478160104   8,276,000 50,000 SH   SOLE   50,000 0 0
ABBVIE INC COM 00287Y109   8,123,411 60,294 SH   SOLE   60,294 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   8,121,650 127,000 SH   SOLE   127,000 0 0
DEERE & CO COM 244199105   8,103,800 20,000 SH   SOLE   20,000 0 0
PFIZER INC COM 717081103   8,069,600 220,000 SH   SOLE   220,000 0 0
MORGAN STANLEY COM NEW 617446448   7,856,800 92,000 SH   SOLE   92,000 0 0
AMGEN INC COM 031162100   7,812,884 35,190 SH   SOLE   35,190 0 0
PEPSICO INC COM 713448108   7,371,756 39,800 SH   SOLE   39,800 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101   7,359,550 55,000 SH   SOLE   55,000 0 0
US BANCORP DEL COM NEW 902973304   7,268,800 220,000 SH   SOLE   220,000 0 0
CONOCOPHILLIPS COM 20825C104   7,252,700 70,000 SH   SOLE   70,000 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104   7,167,200 80,000 SH   SOLE   80,000 0 0
PRUDENTIAL FINL INC COM 744320102   7,098,093 80,459 SH   SOLE   80,459 0 0
EDISON INTL COM 281020107   6,945,000 100,000 SH   SOLE   100,000 0 0
NORTHROP GRUMMAN CORP COM 666807102   6,837,000 15,000 SH   SOLE   15,000 0 0
PINNACLE WEST CAP CORP COM 723484101   6,761,180 83,000 SH   SOLE   83,000 0 0
PPG INDS INC COM 693506107   6,710,575 45,250 SH   SOLE   45,250 0 0
SEMPRA COM 816851109   6,697,140 46,000 SH   SOLE   46,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406   6,613,291 166,918 SH   SOLE   166,918 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   6,597,000 100,000 SH   SOLE   100,000 0 0
MEDTRONIC PLC SHS G5960L103   6,310,779 71,632 SH   SOLE   71,632 0 0
STATE STR CORP COM 857477103   6,220,300 85,000 SH   SOLE   85,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   6,055,200 60,000 SH   SOLE   60,000 0 0
ALPHABET INC CAP STK CL A 02079K305   5,865,300 49,000 SH   SOLE   49,000 0 0
METLIFE INC COM 59156R108   5,839,775 103,304 SH   SOLE   103,304 0 0
GENERAL ELECTRIC CO COM NEW 369604301   5,767,125 52,500 SH   SOLE   52,500 0 0
BIOGEN INC COM 09062X103   5,697,000 20,000 SH   SOLE   20,000 0 0
LILLY ELI & CO COM 532457108   5,627,760 12,000 SH   SOLE   12,000 0 0
CVS HEALTH CORP COM 126650100   5,530,400 80,000 SH   SOLE   80,000 0 0
CITIGROUP INC COM NEW 172967424   5,359,056 116,400 SH   SOLE   116,400 0 0
VERIZON COMMUNICATIONS INC COM 92343V104   5,206,600 140,000 SH   SOLE   140,000 0 0
BANK NEW YORK MELLON CORP COM 064058100   5,119,800 115,000 SH   SOLE   115,000 0 0
AMERICAN ELEC PWR CO INC COM 025537101   5,052,000 60,000 SH   SOLE   60,000 0 0
PNC FINL SVCS GROUP INC COM 693475105   5,038,000 40,000 SH   SOLE   40,000 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107   5,004,000 100,000 SH   SOLE   100,000 0 0
SCHWAB CHARLES CORP COM 808513105   4,912,682 86,674 SH   SOLE   86,674 0 0
TOYOTA MOTOR CORP ADS 892331307   4,822,500 30,000 SH   SOLE   30,000 0 0
CHUBB LIMITED COM h1467j104   4,814,000 25,000 SH   SOLE   25,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100   4,497,920 32,000 SH   SOLE   32,000 0 0
MONDELEZ INTL INC CL A 609207105   4,450,069 61,010 SH   SOLE   61,010 0 0
WEC ENERGY GROUP INC COM 92939U106   4,412,000 50,000 SH   SOLE   50,000 0 0
XCEL ENERGY INC COM 98389B100   4,351,900 70,000 SH   SOLE   70,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409   4,343,940 18,000 SH   SOLE   18,000 0 0
SANOFI SPONSORED ADR 80105N105   4,312,000 80,000 SH   SOLE   80,000 0 0
EXELON CORP COM 30161N101   4,074,000 100,000 SH   SOLE   100,000 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   3,862,948 242,800 SH   SOLE   242,800 0 0
DUPONT DE NEMOURS INC COM 26614N102   3,853,688 53,943 SH   SOLE   53,943 0 0
AMERIPRISE FINL INC COM 03076c106   3,736,800 11,250 SH   SOLE   11,250 0 0
NEXTERA ENERGY INC COM 65339F101   3,710,000 50,000 SH   SOLE   50,000 0 0
DOW INC COM 260557103   3,677,283 69,044 SH   SOLE   69,044 0 0
ADVANCED MICRO DEVICES INC COM 007903107   3,417,300 30,000 SH   SOLE   30,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   3,395,973 23,332 SH   SOLE   23,332 0 0
PERRIGO CO PLC SHS G97822103   3,395,000 100,000 SH   SOLE   100,000 0 0
ABBOTT LABS COM 002824100   3,325,110 30,500 SH   SOLE   30,500 0 0
JEFFERIES FINL GROUP INC COM 47233W109   3,317,000 100,000 SH   SOLE   100,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108   3,121,934 109,580 SH   SOLE   109,580 0 0
UNITED RENTALS INC COM 911363109   3,117,590 7,000 SH   SOLE   7,000 0 0
ALLY FINL INC COM 02005N100   3,106,150 115,000 SH   SOLE   115,000 0 0
UNION PAC CORP COM 907818108   3,069,300 15,000 SH   SOLE   15,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   3,051,636 33,333 SH   SOLE   33,333 0 0
NORTHERN TR CORP COM 665859104   2,965,600 40,000 SH   SOLE   40,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101   2,938,800 30,000 SH   SOLE   30,000 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204   2,931,447 32,666 SH   SOLE   32,666 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   2,877,000 50,000 SH   SOLE   50,000 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   2,867,660 225,800 SH   SOLE   225,800 0 0
THE CIGNA GROUP COM 125523100   2,817,224 10,040 SH   SOLE   10,040 0 0
STRYKER CORPORATION COM 863667101   2,745,810 9,000 SH   SOLE   9,000 0 0
HCA HEALTHCARE INC COM 40412C101   2,731,320 9,000 SH   SOLE   9,000 0 0
FIRSTENERGY CORP COM 337932107   2,721,600 70,000 SH   SOLE   70,000 0 0
WYNN RESORTS LTD COM 983134107   2,639,616 24,994 SH   SOLE   24,994 0 0
BAXTER INTL INC COM 071813109   2,634,689 57,829 SH   SOLE   57,829 0 0
PROCTER AND GAMBLE CO COM 742718109   2,579,580 17,000 SH   SOLE   17,000 0 0
ALCOA CORP COM 013872106   2,544,750 75,000 SH   SOLE   75,000 0 0
HAWAIIAN ELEC INDUSTRIES COM 419870100   2,534,000 70,000 SH   SOLE   70,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104   2,345,700 70,000 SH   SOLE   70,000 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   2,329,515 30,830 SH   SOLE   30,830 0 0
WESTERN DIGITAL CORP. COM 958102105   2,275,800 60,000 SH   SOLE   60,000 0 0
VIATRIS INC COM 92556V106   2,245,500 225,000 SH   SOLE   225,000 0 0
COTERRA ENERGY INC COM 127097103   2,226,400 88,000 SH   SOLE   88,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886   2,224,960 34,000 SH   SOLE   34,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102   2,207,500 10,000 SH   SOLE   10,000 0 0
CARDINAL HEALTH INC COM 14149Y108   2,201,306 23,277 SH   SOLE   23,277 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   2,182,000 100,000 SH   SOLE   100,000 0 0
KINDER MORGAN INC DEL COM 49456B101   2,152,500 125,000 SH   SOLE   125,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735   2,092,000 25,000 SH   SOLE   25,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,000,400 24,000 SH   SOLE   24,000 0 0
NRG ENERGY INC COM NEW 629377508   1,987,129 53,146 SH   SOLE   53,146 0 0
PHILIP MORRIS INTL INC COM 718172109   1,952,400 20,000 SH   SOLE   20,000 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   1,880,500 10,000 SH   SOLE   10,000 0 0
PPL CORP COM 69351T106   1,852,200 70,000 SH   SOLE   70,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106   1,792,500 10,000 SH   SOLE   10,000 0 0
VITESSE ENERGY INC COMMON STOCK 92852X103   1,792,336 80,015 SH   SOLE   80,015 0 0
JOHNSON CTLS INTL PLC SHS g51502105   1,785,268 26,200 SH   SOLE   26,200 0 0
KRAFT HEINZ CO COM 500754106   1,775,000 50,000 SH   SOLE   50,000 0 0
GILEAD SCIENCES INC COM 375558103   1,772,610 23,000 SH   SOLE   23,000 0 0
SOUTHERN CO COM 842587107   1,756,250 25,000 SH   SOLE   25,000 0 0
COMCAST CORP NEW CL A 20030N101   1,662,000 40,000 SH   SOLE   40,000 0 0
ALCON AG ORD SHS H01301128   1,537,263 18,722 SH   SOLE   18,722 0 0
ADOBE SYSTEMS INCORPORATED COM 00724f101   1,466,970 3,000 SH   SOLE   3,000 0 0
BECTON DICKINSON & CO COM 075887109   1,452,055 5,500 SH   SOLE   5,500 0 0
GSK PLC SPONSORED ADR 37733W204   1,425,600 40,000 SH   SOLE   40,000 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107   1,421,700 17,500 SH   SOLE   17,500 0 0
GOODYEAR TIRE & RUBR CO COM 382550101   1,368,000 100,000 SH   SOLE   100,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   1,317,500 50,000 SH   SOLE   50,000 0 0
CANADIAN IMPERIAL BK COMM TO COM 136069101   1,280,400 30,000 SH   SOLE   30,000 0 0
PROLOGIS INC. COM 74340W103   1,085,092 8,849 SH   SOLE   8,849 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   992,763 67,489 SH   SOLE   67,489 0 0
BRIGHTHOUSE FINL INC COM 10922N103   947,000 20,000 SH   SOLE   20,000 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205   895,470 57,000 SH   SOLE   57,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   867,790 7,000 SH   SOLE   7,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100   846,936 4,367 SH   SOLE   4,367 0 0
HALEON PLC SPON ADS 405552100   838,000 100,000 SH   SOLE   100,000 0 0
WELLTOWER INC COM 95040Q104   808,900 10,000 SH   SOLE   10,000 0 0
CORTEVA INC COM 22052l104   781,916 13,646 SH   SOLE   13,646 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   767,250 2,250 SH   SOLE   2,250 0 0
GENERAL MLS INC COM 370334104   767,000 10,000 SH   SOLE   10,000 0 0
EQUINIX INC COM 29444U700   761,206 971 SH   SOLE   971 0 0
HOST HOTELS & RESORTS INC COM 44107P104   757,350 45,000 SH   SOLE   45,000 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   752,400 60,000 SH   SOLE   60,000 0 0
PHYSICIANS RLTY TR COM 71943U104   699,500 50,000 SH   SOLE   50,000 0 0
FTAI AVIATION LTD SHS G3730V105   683,729 21,596 SH   SOLE   21,596 0 0
REXFORD INDL RLTY INC COM 76169C100   647,058 12,391 SH   SOLE   12,391 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   607,053 11,910 SH   SOLE   11,910 0 0
RIGETTI COMPUTING INC COMMON STOCK 76655K103   587,500 500,000 SH   SOLE   500,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101   566,392 12,896 SH   SOLE   12,896 0 0
SNOWFLAKE INC CL A 833445109   527,940 3,000 SH   SOLE   3,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100   487,900 35,000 SH   SOLE   35,000 0 0
CROWN CASTLE INC COM 22822V101   443,568 3,893 SH   SOLE   3,893 0 0
VICI PPTYS INC COM 925652109   418,302 13,309 SH   SOLE   13,309 0 0
DIGITAL RLTY TR INC COM 253868103   393,876 3,459 SH   SOLE   3,459 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   336,314 91,142 SH   SOLE   91,142 0 0
BLOCK INC CL A 852234103   332,850 5,000 SH   SOLE   5,000 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   330,676 9,494 SH   SOLE   9,494 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   325,907 10,090 SH   SOLE   10,090 0 0
INVITATION HOMES INC COM 46187W107   303,580 8,825 SH   SOLE   8,825 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   291,541 8,224 SH   SOLE   8,224 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   269,537 1,163 SH   SOLE   1,163 0 0
SUN CMNTYS INC COM 866674104   253,223 1,941 SH   SOLE   1,941 0 0
EXTRA SPACE STORAGE INC COM 30225T102   239,649 1,610 SH   SOLE   1,610 0 0
CHICAGO RIVET & MACH CO COM 168088102   237,632 9,241 SH   SOLE   9,241 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   228,342 2,012 SH   SOLE   2,012 0 0
CADIZ INC COM NEW 127537207   217,230 53,505 SH   SOLE   53,505 0 0
HUDSON PAC PPTYS INC COM 444097109   208,835 49,487 SH   SOLE   49,487 0 0
ISHARES TR 20 YR TR BD ETF 464287432   205,880 2,000 SH   SOLE   2,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103   145,000 50,000 SH   SOLE   50,000 0 0
WEWORK INC CL A 96209A104   17,558 68,748 SH   SOLE   68,748 0 0